[music] In case you're wondering what separates this channel from Casey Neistat or
Cody Wanner -- It's that I am not a morning person.
I'm not a morning person, I'm not a breakfast person but this morning we're having
breakfast with a couple of founders of a company called
The Citizenry. They travel the world and find local artisans. Buying those
products help the communities, and then selling those artisans products directly
online. Chris is picking me up now - it's barely light out - time for breakfast.
It's so early it's starting to feel like a real job. When did you get involved with
this company? I think was two years ago I was their... I might have been there
first seed investor and I invested after just a 15 minute meeting, purely based
on my impression of the two founders Carly and Rachel. They've been killing it
for two years now and this is the company that should have never worked.
And two years ago they were just completely a brand new startup and barely had a website?
They had nothing but an idea. [music]
We are in the process of closing out our Series A. So, we launched three years ago,
2015, Chris came in as a part of that seed round, and we've raised about 3
million since then. We're raising five million focusing on building out brick
and mortar in New York San Fran and LA. So excited about that. Single point SoHo
location? Exactly. Soho, Nolita. Um, we're probably gonna be in Hayes Valley
in San Francisco, Abbot Kinney in LA... the majority of our customers are --
60% is New York and California. Texas is number 3 with about 12 percent.
What will you do revenue wise this year, growing from $0 three years ago? We're a little over
$10 million run rate right now, which is really exciting.
Our goal is to do about $21 million next year.
Wow. Conrats. [music] That's a 15x gain on that investment... considering how much money
I've lost in our new canvas company... still technically positive. What do you think?
The concept sounded crazy, but I think... well, they've proven they can pull it off.
The most difficult concepts are the most lucrative when you're able to execute.
And I don't think there are a lot of founders in this town could have
executed the way Rachel and Carly have. I just can't wait to go on vacation and
help them take pictures of products in Peru.
We're heading into FIXD now. This is our single largest investment... And our most important.
Certainly the one with the most upside.
Welcome to FIXD. [music]
Hey how's it going? Tell us about our most important investment. Well, we had a
couple great meetings yesterday and the day before. We've got an opportunity with
a company to potentially partner with them on a national scale. Both of the
companies we're talking to have large consumer bases and they have a ton of
customers and their portfolio and they need and want a home warranty product
that they can offer to their hundreds of thousands of homeowners across the country.
[music]
We have to show this. Keeping it real. What is up with that? The first week that we don't have a
2% drop in the market I'll fix that but it's staying like that for now.
So do you know why we're meeting with Chris Walters?
He's involved somehow in a RV
floor planning concept. That's right, that's right. So evidently he's raising
capital to finance RVs. It seems like a niche space I know nothing about it or how
we can help him but. You blow it out of the water and then what are you making
like five or six percent a year? I just don't... He's a really good guy and he's
been on the fringe... the fringe of... the fringe of success on and off for ten
years and it's just never hit it big although he's been involved with
companies that have. I feel like at some point he's gonna... it's his it's his time
so I always want to meet with them to see what he's up to.
Should we get a wash today after this meeting? I don't know if you can afford it after
what I've seen in the stock market today. [music]
It's been like 10 years since I've seen you face to face. We've been on the phone a few times. Yeah. So I ran into a guy who
was buying, like you know, salvage or damaged or used RVs. He'd fix them up and
sell them. I started Argyle RV and hired him to
come work for me. Same way you would do a flip house, you're
doing a flip RV. We're flipping RVs instead of flipping houses. That's cool you
can we come check out the facility up next couple weeks? Let's do it. [music]
That was super cool though. Yeah, even while he was explaining and I was
thinking this is way smaller than anything that we typically invest in. If
we could actually scale this to three times its size with a relatively small
investment upfront... I think it could do three to five million a year with a 25% EBIDA.
That would be nice... a nice million dollar a year profit business.